With the increase in competition in every industry, companies are constantly looking for ways to make their brand relevant says Matthew Brannelly. Many of them re-strategize to change the brand identity through rebranding.
Rebranding requires a lot of investment and research. In fact, it takes some companies more than a year to fully carry out their plans. Because of that, every brand chooses to rebrand when they strongly believe the return of an investment will be worth it. Unfortunately, these rebranding projects often fail to live up to their business expectations.
While some rebranding fails because of lack of proper research and customer’s disengagement, others fail because the change is not necessary. Read on as Matthew Brannelly, the founder of Orbit and NFP hub, a company what works with NFPs to become more efficient and achieve their goals explains why rebranding often fails.
1. Lack of Proper Research
It is important to always carry out extensive research before changing anything about your brand. This will help you know what might not work for your brand. Rebranding can bring a huge growth, change, and customer’s enthusiasm to your business. But it can also be detrimental and cost the brand huge losses if the change is different from the customers’ view about the brand. Extensive research will also avoid cultural and spiritual faux pas.
“Analyse your target market, know your competitors, and understand how customers perceive your brand. Understand the impact of rebranding on your customer’s feelings and analyse what their attitude will be towards it. This is important because many customers already have deep emotional bonds with your brand and rebranding can hurt their feelings,” Matthew Brannelly advises.
2. Using the Wrong Strategy
Using the wrong strategy can cause a lot of damage when rebranding. Evaluate the need for change from customers view, be sure it is the right decision, and look at the opportunities carefully. Moreover, a partnership is important. Therefore, you need to work with the right agency. Work hand in hand with your partners and be sure they are very objective, experienced, and committed to getting you the best result. Carefully study the market analysis and customers’ reactions around your rebrand.
3. Change in Brand Name
The name of a brand is valuable, and it represents what the brand stands for. “Changing the brand name can often cause confusion and many customers might not recognise your brand., Matthew Brannelly says. It can also lead to poor search online results . Brands name captivates customers and they are used to it. Therefore, it is important to make sure there is a unique story behind the new name and your reason for changing to it. You also tell your customers how the new name will benefit them and where the change is leading the brand to. This makes it more relatable and also benefits your brand.
4. The Change is not Necessary
I believe many people will agree with this because there are brands that rebrand for reasons that are not explainable. When you look at the rebrand, you realise it’s just a total waste of time and resources because it has no value and doesn’t change anything. In most cases, many brands rebrand not because they need to change , but because of change in administration. The new board just wants to put out something different to prove themselves without considering the customer’s view.
5 Focusing only on the Logo
We all agree logos are very important but a successful rebrand is more than changing the logo. Many brands make a huge rebranding mistake by focusing and putting their effort only on the logo. Rebranding should represent brand uniqueness and what they represent.